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South Korea to house new UN Green Climate Fund

The United Nations has chosen South Korea as the home for its Green Climate Fund. South Korea is reportedly viewed by many as a bridge between developing and developed nations.

The new United Nations Green Climate Fund, established to manage billions of dollars to assist developing countries tackle climate change, is to be situated in Songdo, Incheon City, South Korea, the board of the fund announced on Saturday.

The former German capital city of Bonn, home to the UN's Climate Change Secretariat, had hoped it would be chosen to house the fund, but it was not to be.

Mexico, Namibia, Poland and Switzerland were all nominated to house the headquarters, along with Germany and South Korea.

The decision, made by the 24 heads of the UN steering committee, will be put to environment ministers for approval at a meeting in Doha, Qatar at the end of November.

Welcomed decision

In 2009, developed nations agreed to raise climate aid, now about $10 billion (7.67 billion euros) a year, increasing to $100 billion from 2020.